Bank of Maharashtra car loan Interest Rates

Bank of Maharashtra car loan Interest Rates

Maharashtra has a long history of commercial activity since ages because of its strategic location in Indian sub continent and its large natural resources.

Maharashtra has been a progressive region and the Banking activity was also started in this region quite early. Historically speaking, the Bank of Bombay established in 1840 was the first Commercial Bank in Maharashtra. However, the first commercial bank set up in Maharashtra outside Mumbai was The Poona Bank established in 1889 at Pune followed by The Deccan Bank in 1890 and the Bombay Banking Company in 1898.

Outbreak of the First World War leading to great depression took a heavy toll on banks in India. Between 1914 and 1935 as many as 380 banks failed in the country out of which 54 were based in Bombay province. The impact of these failures was felt more in Maharashtra region because certain banks known for a long time were also closed down.

The effects of great depression started fading and new enterprises began emerging with new hopes in all spheres of economy, including banking.

PurposePurchase of New 4 or 2 wheelers / Second hand 4 wheelers up to 3 yrs old
EligibilityPermanent salaried / Professionals / Businessmen
Age
Minimum EmploymentFor Service Persons Total – 3 yrs
Current – 2 yrs
Others – 3 yrs
Minimum Annual Income4W – Rs.3.50 lac for salaried,
Rs. 2.00 lac for others 2W – Rs. 2.00 lac (Income of spouse can be included if joins as Co-applicant)
Maximum amount4W – Rs.15.00 lac
2W – Rs.0.50 lac

Salaried – 18 times Gross Pay
Professionals – 1.50 times of average annual Income as per their last three Balance – Sheet/ P & L account or last years income whichever is less.
SecurityHyp. of Vehicle
GuarantorOne Guarantor acceptable to Bank
Margin :15% for new vehicle.
50% for second hand 4 wheeler up to 3 yrs
Deduction Limit60% of Gross Pay
Rate of InterestClick here to view the Interest Rate
Repayment 4W(New) 84 Months
2W 60 Months
2nd 4W 60 Months
Processing Fee4W Rs. 2000/-
2W Rs. 500/-
InsuranceCompulsory
Group Finance20 permanent Employees of same organization of repute
-Margin Relaxation up to 10%.
OthersThe maximum amount for purchase of 2 wheelers & 4 wheelers is Rs 0.50 lakh & Rs. 15.00 lakh respectively. If the loan is availed for a lesser amount than the prescribed limit, borrower desires to avail the loan during the currency of the

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